Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC just held a press conference this evening in Taiwan regarding its expanded U.S. investment plans. TSMC said it won't impact Taiwan investments; it is actually accelerating its Taiwan investments.</li>
<li>Additionally, we see TSMC's aggressive U.S. expansion significantly weakening Intel's ability to compete, as it removes one of Intel’s major differentiators--domestic U.S. production.</li>
<li>Maintain Structural Long rating on TSMC -- Expanded U.S. investment fortifies the company’s global leadership. ALSO -- Positive news for semiconductor manufacturing equipment companies internationally and in Taiwan. ASML, etc.</li>
</ul>


TSMC just held a press conference this evening in Taiwan regarding its expanded U.S. investment plans. TSMC said it won't impact Taiwan investments; it is actually accelerating its Taiwan investments.
Additionally, we see TSMC's aggressive U.S. expansion significantly weakening Intel's ability to compete, as it removes one of Intel’s major differentiators--domestic U.S. production.
Maintain Structural Long rating on TSMC -- Expanded U.S. investment fortifies the company’s global leadership. ALSO -- Positive news for semiconductor manufacturing equipment companies internationally and in Taiwan. ASML, etc.


TSMC Addresses U.S. Expansion Concerns: Strengthens TSMC Position & Positive for Semi Industry Capex

<ul>
<li>The Stakes in the 6G Race: 100x Data Speeds &amp; AI-Driven Networks</li>
<li>Qualcom's Strategy vs. Mediatek's Gameplan to Win the 6G Battle -- Takeaways from MWC 2025 in Barcelona</li>
<li>Investment Takeaways: MediaTek vs. Qualcomm -- Maintain Structural Long for Mediatek but Qualcomm Could Offer Near-Term Relative Value Play</li>
</ul>


The Stakes in the 6G Race: 100x Data Speeds &amp; AI-Driven Networks
Qualcom's Strategy vs. Mediatek's Gameplan to Win the 6G Battle -- Takeaways from MWC 2025 in Barcelona
Investment Takeaways: MediaTek vs. Qualcomm -- Maintain Structural Long for Mediatek but Qualcomm Could Offer Near-Term Relative Value Play


MWC Barcelona Showcased The 6G Showdown: MediaTek Vs. Qualcomm in the Race for Wireless Supremacy

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>Regarding global silicon wafer market prices, <a href="https://www.smartkarma.com/entities/globalwafers-co-ltd" target="_blank" data-smartkarma-citation="entities:17916:1" rel="noopener">Globalwafers (6488 TT)</a> noted that the Long-Term Agreement (LTA) for 12-inch wafers primarily focuses on advanced process nodes, with prices remaining stable.</li>
<li>In December 2024, <a href="https://www.smartkarma.com/entities/globalwafers-co-ltd" target="_blank" data-smartkarma-citation="entities:17916:1" rel="noopener">Globalwafers (6488 TT)</a> signed a final agreement with the U.S. Department of Commerce, expecting to receive a maximum subsidy of USD$406mn.  </li>
<li>
<a href="https://www.smartkarma.com/entities/globalwafers-co-ltd" target="_blank" data-smartkarma-citation="entities:17916:1" rel="noopener">Globalwafers (6488 TT)</a> has not received any notifications regarding adjustments to chip policies.</li>
</ul>


Regarding global silicon wafer market prices, Globalwafers (6488 TT) noted that the Long-Term Agreement (LTA) for 12-inch wafers primarily focuses on advanced process nodes, with prices remaining stable.
In December 2024, Globalwafers (6488 TT) signed a final agreement with the U.S. Department of Commerce, expecting to receive a maximum subsidy of USD$406mn.  

Globalwafers (6488 TT) has not received any notifications regarding adjustments to chip policies.


GlobalWafers (6488.TT): An Uncertainty Exists Whether Si Wafer Is Included in US Custom Tax or Not.

<ul>
<li>TSMC's Latest Global Expansion Plans, Visualized; Taiwan Manufacturing Will Continue to Remain One Generation Ahead of Overseas</li>
<li>TSMC (2330.TT; TSM.US): Invest Further in US up to 100bn; Intel Foundry Service Gets Direct Clients.</li>
<li>Memory Monitor: Nanya Tech Soared on DRAM Recovery and Custom HBM News </li>
</ul>


TSMC's Latest Global Expansion Plans, Visualized; Taiwan Manufacturing Will Continue to Remain One Generation Ahead of Overseas
TSMC (2330.TT; TSM.US): Invest Further in US up to 100bn; Intel Foundry Service Gets Direct Clients.
Memory Monitor: Nanya Tech Soared on DRAM Recovery and Custom HBM News 


Taiwan Tech Weekly: TSMC's Expansion Visualized; Implications of New U.S. Investment; New HBM Memory

<ul>
<li>TSMC: +18.5% Premium; Wait for Lower Premium Before Going Long</li>
<li>ASE: +0.2% Premium; Near-Parity Premium is Opportunity to Long the Spread</li>
<li>ChipMOS: -3% Discount; Rare Discount is Opportunity to Long the Spread</li>
</ul>


TSMC: +18.5% Premium; Wait for Lower Premium Before Going Long
ASE: +0.2% Premium; Near-Parity Premium is Opportunity to Long the Spread
ChipMOS: -3% Discount; Rare Discount is Opportunity to Long the Spread


Taiwan Dual-Listings Monitor: TSMC's Range Declining; ASE Near Parity; ChipMOS Rare Discount

Taiwan

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

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TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

TSMC Addresses U.S. Expansion Concerns: Strengthens TSMC Position & Positive for Semi Industry Capex

TSMC explained how it is accelerating Taiwan investments while also increasing its expansion in the U.S.. Highly positive news for semiconductor...

Vincent Fernando, CFA

MWC Barcelona Showcased The 6G Showdown: MediaTek Vs. Qualcomm in the Race for Wireless Supremacy

MWC 2025 in Barcelona earlier this week showed the race for 6G dominance heating up as Qualcomm and MediaTek strategize for faster data speeds and...

Vincent Fernando, CFA

GlobalWafers (6488.TT): An Uncertainty Exists Whether Si Wafer Is Included in US Custom Tax or Not.

Globalwafers notes stable prices for 12-inch wafers, signs subsidy agreement with US Dept of Commerce, no chip policy adjustments received.

Patrick Liao

Taiwan Tech Weekly: TSMC's Expansion Visualized; Implications of New U.S. Investment; New HBM Memory

TSMC plans additional $100bn for the U.S., but Taiwan will remain one generation ahead of overseas manufacturing; Nanya targeting new custom High...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC's Range Declining; ASE Near Parity; ChipMOS Rare Discount

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TSMC Addresses U.S. Expansion Concerns: Strengthens TSMC Position & Positive for Semi Industry Capex

​TSMC explained how it is accelerating Taiwan investments while also increasing its expansion in the U.S.. Highly positive news for semiconductor...

Vincent Fernando, CFA

MWC Barcelona Showcased The 6G Showdown: MediaTek Vs. Qualcomm in the Race for Wireless Supremacy

​MWC 2025 in Barcelona earlier this week showed the race for 6G dominance heating up as Qualcomm and MediaTek strategize for faster data speeds and...

Vincent Fernando, CFA

GlobalWafers (6488.TT): An Uncertainty Exists Whether Si Wafer Is Included in US Custom Tax or Not.

​Globalwafers notes stable prices for 12-inch wafers, signs subsidy agreement with US Dept of Commerce, no chip policy adjustments received.

Patrick Liao

Taiwan Tech Weekly: TSMC's Expansion Visualized; Implications of New U.S. Investment; New HBM Memory

​TSMC plans additional $100bn for the U.S., but Taiwan will remain one generation ahead of overseas manufacturing; Nanya targeting new custom High...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC's Range Declining; ASE Near Parity; ChipMOS Rare Discount

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

TSMC explained how it is accelerating Taiwan investments while also increasing its expansion in the U.S.. Highly positive news for semiconductor...

MWC 2025 in Barcelona earlier this week showed the race for 6G dominance heating up as Qualcomm and MediaTek strategize for faster data speeds and...

Globalwafers notes stable prices for 12-inch wafers, signs subsidy agreement with US Dept of Commerce, no chip policy adjustments received.

TSMC plans additional $100bn for the U.S., but Taiwan will remain one generation ahead of overseas manufacturing; Nanya targeting new custom High...